California's insurance commissioner unveiled a controversial new plan on Thursday that would let insurance companies use computer models to justify rate increases.
California's insurance commissioner unveiled a controversial new plan on Thursday that would let insurance companies use computer models to justify rate increases. It's a push to keep home insurers from leaving the state after major companies paused or restricted coverage less than a year ago. The new computer catastrophe modeling would allow insurers to predict possible wildfires and raise insurance rates based on them.
'This change would be California's most significant insurance reform in thirty years. Commissioner Ricardo Lara said the outdated rules have increased rates and the new modeling would make communities safer. 'We can no longer look solely to the past as a guide to the future,' Lara said.
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